2011 Utah Code
Title 7 Financial Institutions Act
Chapter 7 Savings and Loan Associations Act
Section 25 Withdrawal or transfer of savings accounts.

7-7-25. Withdrawal or transfer of savings accounts.
Any savings account holder or his authorized representative may at any time apply for withdrawal or transfer of all or any part of his savings accounts. Such an application may be in the form of orders or authorizations, and may be given electronically or by card, device, or otherwise, and in the case of a designated class or classes of accounts, such an order or authorization may be negotiable, or transferable, or both negotiable and transferable. Every application shall request withdrawal of a specified amount. In circumstances where emergency conditions do not permit an association to pay in full every application for withdrawal as received, the commissioner may authorize a rotation system for payment of withdrawals under rules governing such a system. Subject to the provisions of Subsection 7-7-21(2)(k), but notwithstanding any other rule or provision of law to the contrary, an association may postpone payment of all or part of the value of any savings account pursuant to a withdrawal application of whatever kind until 14 days following the receipt of the application by the association. This right to postpone payment may not be waived by an association, except by actual payment prior to the expiration of the 14-day period. In the event an association exercises its right to postpone payment under this section with respect to a transaction account item, it shall return the withdrawal application or a copy of it to the person seeking withdrawal with a notice of its election to exercise that right and shall notify the commissioner of the postponement. The return and notification shall be accomplished before the close of business on the day of receipt of the withdrawal application if the item is presented directly or before the association's midnight deadline if presented through a collecting bank. In no event may an association voluntarily or involuntarily delay or postpone the whole or partial payment of the value of any savings account under a written withdrawal application by a savings account holder for a period exceeding 14 days following the receipt of the application without first securing written permission from the Federal Deposit Insurance Corporation or successor federal deposit insurer of the association. The commissioner may prescribe, by rules consistent with federal laws and regulations governing the same subject for federally chartered associations, the maximum penalty that may be applied by an association for premature withdrawal from a savings account, and the conditions under which the penalty may be applied.